Chocolate Confectionery Global Market Report 2023
The global chocolate confectionery market is expected to grow from USD175.83bn in 2022 to USD185.09bn in 2023 at a compound annual growth rate (CAGR) of 5.3%, according to ReportLinker, an award-winning market research solution. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The chocolate confectionery market is expected to reach USD216.81bn in 2027 at a CAGR of 4.0%.
The chocolate confectionery market consists of sales of chocolate-covered candies, chocolate bars, and chocolate-covered fruits.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
Europe was the largest region in the chocolate confectionery market in 2022. The regions covered in chocolate confectionery report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of chocolate confectionery are milk chocolate, dark chocolate, and white chocolate, which come under several categories, including premium, seasonal, and everyday. Milk chocolate is a variety of chocolate created from chocolate bars comprising cocoa, sugar, and milk.
People of all ages consume chocolate, and its increasing consumption will help chocolate confectioneries produce more chocolate and related products. For instance, in December 2020, according to statistics shared by the National Confectioners Association (NCA), a US-based trade organization that promotes chocolate, candy, gum, and mint, in 2021, overall chocolate sales were USD16.7bn, a 9.2% increase over the previous year. Furthermore, total chocolate sales in 2022 were USD18.2bn. Therefore, increased chocolate consumption is driving the growth of the chocolate confectionery market going forward.
Product innovations have emerged as a key trend gaining popularity in the chocolate confectionery market. Major companies operating in the chocolate confectionery market are focused on innovating new products to sustain their position in the market.
For instance, in November 2022, Fabelle (a brand from ITC Limited), an India-based maker of luxury chocolate, launched Fabelle Finesse, the world’s finest chocolate. Chocolate as thin as seven microns may now be produced by Fabelle thanks to a ground-breaking technological advancement by ITC called the Cocoa Finesser. This method assists in bringing chocolate particle size down to a new benchmark level that is impossible to accomplish with just the traditional refining process.